Prior to European colonization, early Aboriginal Australian communities traded using items such as tools, food, ochres, shells, raw materials and stories, although there is no evidence of the use of currencies.[1][2]
After colonization on 26 January 1788, New South Wales became a British colony, and was provided with English currency to be used for formal circulation, though the supply was insufficient and alternative forms of exchange were resorted to. A national Australian currency was created in 1910, as the Australian Pound, which in 1966 was decimalised as the Australian Dollar.
From the early 19th century until 1971, the exchange rate of Australian currency was fixed to the British pound.[3] After the dissolution of the Bretton Woods Agreement in 1971, it was fixed to the United States Dollar until, in 1974, it was fixed to a Trade Weighted Index. In 1976, this was changed from a 'hard’, to a crawling peg, meaning the exchange rate was changed more frequently. In 1983, Australia changed to a free-floating exchange rate.[4]
^"Ancient Aboriginal trade routes of Australia". www.odysseytraveller.com. Retrieved 2023-07-25.
^Cite error: The named reference :0 was invoked but never defined (see the help page).
^Australia, scheme=AGLSTERMS AglsAgent; corporateName=Reserve Bank of (2020-07-01). "The Exchange Rate and the Reserve Bank's Role in the Foreign Exchange Market". Reserve Bank of Australia. Retrieved 2023-06-30.{{cite web}}: CS1 maint: multiple names: authors list (link)
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